The Urban Redevelopment Authority has announced the results of the government land sales tender for the second Chuan Grove site, with Sing Holdings and Sunway Developments submitting the top bid of approximately $624m. This translates to a land rate of $1,331 per square foot per plot ratio (psf ppr). The tender attracted five bids, indicating sustained interest from developers despite an incoming supply of 555 units from the first Chuan Grove plot.
The top bid by Sing Holdings and Sunway Developments was 2.9% higher than the next highest bid from China Overseas Land & Investment Ltd (COLI) Singapore, which offered $1,293 psf ppr. The bid price spread was tight, with only a 7% difference between the top bid and the fourth bid by Sim Lian at $1,240 psf ppr, before widening to 33% against the final bid from Japura Development at $1,001 psf ppr.
The Chuan Grove sites are attractive due to their proximity to schools, the Lorong Chuan MRT station, and commercial amenities like the NTP+ mall. The robust sales at the nearby Chuan Park, which sold 76% of its units during its launch weekend in November 2024, have also bolstered developer confidence in the area’s private housing demand.
With the top bid land rate set at $1,331 psf ppr, the potential average selling price for the new project could exceed $2,600 psf. This reflects the strong demand for mass market homes, as evidenced by the nearly 7,600 new private homes sold by developers in 2025, surpassing the annual totals of the previous three years.
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